Differences between Australian GAAP and IFRS and the future direction of accounting standards
There are a number of differences, both big and small, between IFRSs (International Financial Reporting Standards, previously known as International Accounting Standards (IAS)) and the Australian Accounting Standards on issue as at 31 March 2003.
This publication from Deloitte (Australia) outlines the major differences that existed between Australian GAAP and IFRS as at 31 March 2003 and the effect of proposed changes at that time. In this respect, both sets of standards are currently in a state of flux, particularly those issued by the IASB, who are currently undertaking a number of major projects.
This publication relates to previous Australian GAAP, prior to Australia's adoption of standards equivalent to IFRSs from 2005. See our Australia country page for more information about the current financial reporting framework in Australia.
